Decision Maker: Cabinet
Decision status: Recommendations approved
Is Key decision?: No
Is subject to call in?: No
To provide a summary of the latest budget
The Managing Director submitted a report
(previously circulated) together with the quarter 2 revenue budget
outturn report (also previously circulated) which was due to be
considered by Cabinet at its meeting on 10 November,
It was reported that the Council’s projected reserves at the end of 2020 were
£20.506 million, £1,143 million higher than the
initial 2020-24 MTFP position and included a brought forward amount
of £0.274 million from 2019-20 and the rebasing exercise of
Assistant Director Resources, reported that of the £20.506
million projected reserves, there was a risk reserve balance of
£4.350 million and a commitment to use £11.330 million
to support years two to four of the current MTFP, leaving a surplus
of £4.826 million, subject to no further pressures being
identified and no impact of Covid-19 in future years.
Specifically in relation to impact of Covid-19 on the Council’s finances, it was reported that it was estimated that the cost to the year-end would be £13.7 million, however the Council had received £8.7 million of Government grant to date and approximately £4 million was anticipated from the sales, fees and charges income recompense scheme which would leave a Covid-19 gap of £875,000.
Members asked questions in relation to whether any additional funding would be provided to the Council as part of the second national lock down which was due to come into effect shortly, and it was reported that further funding was not expected, however, additional financial impacts to those already planned for within the budget were not anticipated as it had been expected that some services would not revert back to the usual income levels during this period and that this had been accounted for in the budget.
Discussion also ensued on the
cost and implications to the Council of the support contract which
it had in place following the provision of laptops by the
Government to children, the position following a grant from
government for troubled families which it was indicated would go
into reserves and car parking income.
RESOLVED – That the report be received.
Report author: Tracy Blowers
Publication date: 14/01/2021
Date of decision: 05/11/2020
Decided at meeting: 05/11/2020 - Economy and Resources Scrutiny Committee